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Remembering Scott Gale ’19

Season 4, Episode 33

In this episode, we pay tribute to our dear friend, colleague and co-host of the Owl Have You Know podcast, Scott Gale '19. 

Owl Have You Know

Season 4, Episode 33

In this episode, we pay tribute to our dear friend, colleague and co-host of the Owl Have You Know podcast, Scott Gale. Join us as we revisit some of Scott’s favorite episodes and hear from the Rice community about Scott’s lasting impact.

Subscribe to Owl Have You Know on Apple PodcastsSpotifyYoutube or wherever you find your favorite podcasts.

Episode Transcript

  • [00:00]Maya Pomroy: Welcome to a special episode of Owl Have You Know. I'm your host, Maya Pomroy, Rice Business Class of 2022. Today, we're celebrating the life and legacy of a dear friend and leader in the Rice Business community, Scott Gale, Class of 2019. Scott left an indelible mark on this podcast and everyone fortunate enough to know him.

    Scott wasn't just my co-host on Owl Have You Know. He's the reason I joined the team. With his characteristic generosity and vision, he encouraged me to blend my background in broadcast journalism with my passion for Rice Business. That's who he was, a deeply caring friend who saw potential in others and inspired them to shine.

    Scott's impact reached far beyond this podcast. At Rice, he graduated Beta Gamma Sigma, received the Jones Citizen Award, and co-founded the Jones Student Association for Executives. He served on the Rice Business Alumni Board, always strengthening the community he so cherished.

    Professionally, Scott founded Halliburton Labs in Houston, where he championed clean energy innovation. His work reflected a deep commitment to purpose and progress. But Scott was never just about work. Scott was about people. Whether captivating audiences with his voice or devoting himself to his family and community, he brought joy and connection to every moment.

    In September, we lost Scott after his courageous battle with cancer. Even in his hardest moments, he lived with resilience, grace, and a determination to make the most of every single day. His legacy reminds us of what it means to live fully and with intention.

    Today, we celebrate Scott by revisiting some of his highlights on this podcast and sharing reflections from those who knew and loved him. Let's begin with some of Scott's unforgettable moments behind the mic.

    [02:41]Scott Gale: Welcome to the Owl Have You Know Podcast. I'm your host, Scott Gale. I'm here with Chuck Yates, Rice Undergrad ‘91, Rice Business School ‘94.

    [02:51]Chuck Yates: Now, did I get selected because I didn't pay my parking tickets and this is, like, my penance to the university?

    [02:58]Scott Gale: Cat’s out of the bag, Chuck.

    [02:59]Chuck Yates: All right.

    [03:00]Scott Gale: I've come here with a collection.

    [03:02]Chuck Yates: There we go. There we go.

    [03:03]Scott Gale: It's a privilege to be here, kind of, on your home turf.

    [03:07]Chuck Yates: Your home turf, though.

    [03:08]Scott Gale: Yeah, we're at home.

    [03:10]Chuck Yates: This is the home field. For those of you who don't know, Scott and I both have podcasts published by Digital Wildcatters, and this is the Digital Wildcatters Podcasting Studio.

    [03:19]Scott Gale: This is it. I encourage you guys to check it out. We'll talk a bit about Chuck Yates Needs A Job Podcast. I want to hear a bit more about the origin story around that. But I wanted to, kind of, just start a little bit chronologically and go back, because the Yates family has a lot of connectivity with Rice University. Can you share a little bit about, kind of, some of that family history?

    [03:38]Chuck Yates: Yeah. So, I'm Charles Wilbur Yates, III, Charles Wilbur Yates, Sr. So, my grandfather was class of ‘30, ‘31, ‘32, somewhere in there. I should probably know the date. So, he went to Rice. Great aunt went to Rice in the late ‘30s. I don't think she got a degree, or early ‘40s somewhere, that she attended classes. Then, you had mom and dad both graduate from Rice in the early to mid-60s. You had Uncle Terry graduate from Rice in the late ‘60s. Then, you had me, brother Jay, brother Kenny, all graduate from Rice in the ‘90s.

    [04:21]Scott Gale: So, when you were graduating high school and deciding to go to college, was it even a conversation or was it…

    [04:27]Chuck Yates: I didn't have a choice. Didn't have a choice. So, this was, kind of, funny. I decided sophomore year in high school that I was gonna go to Harvard, and went and announced that to my parents. Scared the hell out of my mom. She's like, “Oh, my God, my poor little baby from Richmond, Texas is going to go off to the East Coast, is going to become a rebel rouser, liberal, marry Amy Carter, and start protesting and all this.” Dad says, “Don't worry, I got this.” And dad said, “You know, Harvard's a really good school, Chuck. If you go there, I'll even pay for you to go there, but you got to go visit. You can't just show up on campus.” I go, “Okay, dad, I'll go next summer.” And dad goes, “Nah, why don't you go over Christmas break?” Mom says, to this day, the hardest thing she ever did when parenting me, they let me get on a plane to go to Boston, Massachusetts in the dead of winter. And it was 73 degrees in Houston, Texas. I didn't take a coat. I didn't know any better. I mean, I was just like, “It's 73 degrees in Houston, why do I need a coat?”

    I got up there and I had, like, one pair of jeans. Everything else I packed was shorts. And my mom knew this. And so, anyway, I got there and, kind of, walked around campus, you know, in my T-shirt. And I think I went and bought a jacket or something. So, I'm freezing to death. Needless to say, I didn't get into Harvard, but I've changed the story, so that, at the end of the tour, I walked into the admissions office and asked Harvard to tear up my application. That's a much better story, right?

    [05:58]Scott Gale: I like it. I like it. That’s some great parenting approach by your parents as well. That's fantastic.

    [06:04]Chuck Yates: Typical dad.

    [06:07]Maya Pomroy: With his deep signature voice and talent for meaningful conversation, Scott interviewed top leaders across industries. One standout moment was his live interview with Rice University's provost, Amy Dittmar.

    [06:26]Scott Gale: Wanted to explore a little bit, just, sort of, how do you see the future of Rice and the, sort of, the coming steps, how the strategy is unfolding? I think all of us that are close to the university appreciate that things are meaningfully different today than they were five years from now and wanted to just, kind of, explore, when everything goes according to plan, it never does, but when things go according to plan, what will be different about Rice? What will be the same on, sort of, a, kind of, a pick a horizon, five years, ten years?

    [06:54]Amy Dittmar: Yeah, five to ten, that's what we both would talk about. I mean, I think that the first thing, I mean, as I've gone around and met people and I did, kind of, developed, started those relationships I just mentioned, one of the things I asked people was, “What do you love about Rice, i.e., what do you want me to not screw up, in some senses, with the change?” And so, a lot of that was around the care of the students and the commitment to the students, either the graduate students or the undergrads. There is just this incredibly deep… you know, you've got a connection with the faculty that you don't see in a lot of places. So, I don't think that… that won't change, I mean. So, you know, are we going to grow? Yes. But we can't grow so much that we can't keep that commitment, you know. And when I say we're going to grow, you know, undergrad’s already been in a phased in growth. Many of our graduate programs are growing. Rice is just… it's an amazing institution. So, I think being able to educate and impact more individuals is part of the mission.

    [07:46]Maya Pomroy: Let's hear a few more clips from Scott's interviews, one with Rice Business’ Houston Endowed Professor of Management, Daan van Knippenberg, and another from a live event with Ruth Reitmeier, director of coaching at Rice Business, and Brent Smith, senior associate dean for executive education and associate professor of management and psychology at Rice Business.

    [08:15]Scott Gale: Talk a bit about those circumstances to extract the value of diverse teams.

    [08:19]Daan van Knippenberg: Yeah.

    [08:20]Scott Gale: I mean, I'm assuming it's some things like psychological safety or trust. What are, sort of, the more statistically significant sort of…

    [08:29]Daan van Knippenberg: No. You're assuming correctly. So, it starts with understanding that diversity, from this perspective, is a resource. It's an informational resource. So, if you have a more diverse team, you have more diversity perspectives, information, knowledge.

    [08:44]Scott Gale: A potential for….

    [08:45]Daan van Knippenberg: It's potential, exactly. So… but having the resource is not the same as using the resource effectively. So, what we're talking about is, what is necessary to use the resource effectively? And how do you use it? It’s knowledge, right?

    [08:59]Scott Gale: And maybe the opposite as well. Like, what, sort of, suppresses, kind of, what are those?

    [09:00]Daan van Knippenberg: Yeah, exactly. And what we know is, to use that resource effectively, what does it mean to use resources effectively? It means open-minded exchange, discussion, and integration of those diverse perspectives. I need to say, so, you know, “You know stuff that I don't know. So, educate me.”

    [09:19]Scott Gale: Sure, a willingness to listen and open.

    [09:22]Daan van Knippenberg: Yeah, a willingness to listen, a willingness to ask questions, to understand, to recognize that there's stuff you don't know, and for instance, in this example, also willingness in your side to invest in bringing me up to speed, to explain to me. “You tell me something. I don't get it.” You're willing to invest in explaining it, etc.

    So… and that is, as you say, psychological safety, but it also starts with what we call mental models of what you're doing. It starts with understanding that this is the process you need to benefit from diversity.

    [09:58]Scott Gale: So, one of the goals here is to demystify leadership a little bit. And so, I want to just, sort of, cannonball in and, kind of, ask the question, like, as you've, kind of, on ramps to this journey and as you're, kind of, traveling down this highway, what have you changed your mind about leadership along the way? Some orthodoxy or some approach or process.

    [10:21]Brent Smith: I don't know if I would say that this is changing my mind. I would say that what has been reaffirmed consistently over time about leadership is that the belief that there might be some kind of magic bullet, you know, that really can solve the problem of leadership, it's, kind of, unrealistic. I think those who have been in my class, probably, have heard me, you know, belabor the point that leadership is something that is just, unfortunately, quite contextual. And without an understanding of context, it's really difficult to understand leadership. 

    [10:48]Scott Gale: I want to, sort of, talk about this, how people are integrating leadership coaching into, kind of, their day-to-day. Like, what are some tips or advice or things to bring leadership coaching into, kind of, a tangible “I show up at work tomorrow, I can, kind of, go do these kinds of things?” I want to get it, like, tactical.

    [11:07]Ruth Reitmeier: I like it. I mean, I think leadership coaching is built on several things, right, like, empathy and human connection, authenticity, vulnerability, intellectual humility. Like, if you can embody a coach-like approach as a leader and bring those things to work, you're going to inspire people. You're going to connect with people. Show me that you are a human that I can go to work and be fully human also.

    [11:33]Maya Pomroy: Before Scott took up the host mantle, he was a guest on Owl Have You Know. He chatted with then host, Christine Dobbyn, about his impressive career journey and how his time at Rice shaped him.

    [11:50]Christine Dobbyn: You grew up in Washington State, got a chemical engineering degree at Brigham Young University. What initially brought you to Texas?

    [11:58]Scott Gale: Kind of, dumb luck. I really lucked into getting into oil and gas and getting into the state. I had never stepped foot in the state of Texas until I moved here with my first job. You know, I was a Pacific Northwest kid. I was a canvas paper maker, was our mascot, small paper mill town. And for me, kind of, growing up, you’re either a lumberjack or you were an engineer at the mill. And it was just, kind of, the people that were in my life that seemed to be doing well and seemed to, kind of, know what was going on were associated with the mill. And so, I just had it in my head at a young age that getting a chemical engineering degree would be a good idea. I didn't know, really, what that would entail.

    So, made my way to Brigham Young. And my first experience with engineering was out at a plant in West Virginia, where I discovered that chemical engineering is, really, you're just a glorified plumber. And it was clear to me that I… and no disrespect to the engineers out there, but for me, personally, it was something that I couldn't, kind of, wrap my head around doing that kind of work. And so, that internship was really valuable for me.

    And so, I went searching for, kind of, business-related jobs with an engineering degree and Dow Chemical had this program. They call it the commercial development program where they take engineering undergrads and they put them through six months of, I joke, bootcamp for sales. And they turn you into a B2B chemical salesperson.

    But one of the things you commit to in doing that program is geographic flexibility. That they can send you to anywhere in the U.S. in any one of their business lines. And that seemed like a good idea to me. And so, I showed up, did that program. And they said, “Okay, we just, kind of, launched this oil and gas facing business. We're going to move you to Houston. And your first customer is going to be Schlumberger.” And that was, to me, having learned that, you know, obviously, that's not how you say it, but that they had not… you know, they'd done some market research and other things, but our engagement with the oil and gas sector, at the time, as a business was something nascent.

    And so, I moved to Houston and started calling on oil field services companies and really fell in love with, kind of, the concept of hydraulic fracturing and that that technology could bring energy independence to the U.S. And it was just a really fascinating thing. And so, I started to chase that, and that's what I was solving for. And my role, previous to this one, was I was managing Halliburton's global hydraulic fracturing strategy. And so, for me, that was something that I had set my sights on a number of years ago.

    That's a long way to say that's ultimately how I got to Texas, is, I just lucked into oil and gas. I, sort of, signed up for this lottery. They trained me to sell chemicals to large organizations, and they parachuted me into Houston. And that's, kind of, where I've been ever since.

    [15:01]Christine Dobbyn: You were part of the Rice MBA for Executives Class of 2019, just a class ahead of me. How did that experience help you move into the position you're in today? First of all, by, you know, having the degree, having that on paper, but also just what you were able to gain from the program and how you're able to put that in action today in your day-to-day work?

    [15:25]Scott Gale: One of the big draws for me in going to Rice was their entrepreneurship program, sort of, broadly, if I can, sort of, generalize that. That's, maybe, not a fair way to characterize it, but Rice is very passionate about entrepreneurship, not only at the business school but in other parts of the university. And it was something that was just of interest to me. It was, sort of, this elusive thing for me, being a guy that had spent a bunch of time in large corporates. I'd launched products and done other things, but the idea of entrepreneurship was just really fascinating to me. And I had taken some entrepreneurship classes in undergrad and other things. And so, when I got into Rice, I was very much actively trying to plug into the entrepreneurial ecosystem.

    [16:09]Christine Dobbyn: Is there anything else you'd like to share with our listeners about our conversation today?

    [16:14]Scott Gale: I would just say, there are so many opportunities out there, lots of different things to be done. I'm just a big fan of being mission-driven. There's a lot of things that are happening in this world that need improvement and need change and just be a force for good and use your powers for good, so to speak. And so, that's something that I would just express. People should be… should think about their purpose and what they're trying to accomplish and the legacy that they want to leave behind, and whatever form that takes.

    [16:58]Maya Pomroy: Let's honor Scott's advice by striving to live with purpose and to be a force for good in our own lives. And finally, let's hear from a few of the people in the Rice Business community who knew and loved him.

    [17:16]Adrienne Mangual: I was lucky enough to be put in the same Rice Executive MBA Class of 2019 as Scott. Scott immediately stood out, not just because of his memorable voice, but because of his wisdom, curiosity, kindness, and leadership. When Scott first told me about his initial diagnosis and prognosis over coffee, I went home and wrote down all the thoughts that he had shared about how he was choosing to face this, how he would focus on his family and leave an echo. I was so inspired by his spirit. I feel incredibly fortunate to have known Scott, and I know I'm not the only one.

    [17:53]Bethany Andell: I have so many great memories of Scott and spending time with him and working with him on the Rice Alumni Association Board, but I think what really stands out to me is how much he really cared about who I was and remembered everything that I told him. Every time I'd see him, he would check in on my family, my business, everything that was going on. He was so thoughtful all the time and really took the time to listen to me. And he just showed he cared all the time. Just a true servant leader and a man of people.

    [18:24]Brian Jackson: Scott Gale was a true force of nature, an inspiring leader, a devoted volunteer, and someone who made everyone around him better. As a fellow member of the Rice Business Alumni Association Board and co-host of Owl Have You Know, Scott brought incredible energy and passion to everything he touched. He built a legacy of service, always leading by example, and inspiring others to step up and get back. His influence will continue to ripple through the Rice Business community and beyond. Scott's impact was profound and his memory will forever remind us of the power of dedication and heart.

    [18:58]David Holmes: The opportunity I had to get to know Scott has challenged me to be a better and more compassionate person, father, and friend. He was so intellectually inquisitive, incredibly engaging, and at his core, supportive and caring. There are many memories I think of when reflecting on Scott, but one that stands out was talking about family and his focus on maintaining a driven work life, or better yet, life-work balance, to ensure there was always time for those you love, which are his wife and kids. I've taken that to center myself when times are either busy or challenging. And this is a testament to his ability to connect and care. He is greatly missed.

    [19:35]Keri Sprung: Scott Gale was an undeniably inspiring leader. His seemingly insatiable curiosity and creativity made him a human force multiplier. He shared his talents liberally to challenge conventional wisdom and was fearless, yet graceful, in his approach to advancing innovation. I will forever admire him for his bravery and resolve and for unselfishly and widely sharing his far too short time on this earth.

    [20:01]Patra Isaac: I served with Scott for several years on the Rice Business Alumni Board. And I was immediately wowed by his exceptional radio voice. I loved the curious spirit he embodied and always appreciated how easy it was to have conversations with him. Scott was truly an amazing gift to the Houston business community and beyond, and to our board. His energy and spirit will be greatly missed. And I am personally grateful to have crossed paths with him.

    [20:31]Kate Hallaway: The time I spent with Scott always felt very rewarding. He was always intellectually engaging and very welcoming when we were conversing. As part of our alumni board Secret Santa, which we called Secret Sammy, he sent me a book called The Code Breaker by Walter Isaacson. Reading the book expanded my horizons about the biomedical field and gave me a new appreciation for the work that was done to develop the COVID-19 vaccines. The book will always be a reminder of Scott's intellect and his ability to share it with others. He will be greatly missed.

    [21:04]Sean Marshall: Scott Gale was an amazing human being. His impact will forever be felt here in Houston and, more broadly, across the energy space and in every space that he touched. We connected over entrepreneurship, Rice, startups, energy, and just general shared passion. And that's really what was so great about Scott. When he found something, he put all of his passions into it. And it really shone through. And it could be felt by everyone that got involved with him. I’ll forever cherish the moments and the memories that we have together and definitely miss him. And his impact will come with me and all of the things and the places that I continue to focus on that we had such a shared interest in. Scott, we miss you, we love you, and thank you for everything.

    [21:55]Alaina Schuhsler: I first met Scott when he came to my office. He was a current EMBA student at the time and he told me that he was ready to make a donation to the business school. As I'm sure you can imagine, this is a very rare gesture from a current student. It was also just so incredibly generous and showed Scott's sincerity and his huge heart. Little did I know that that first meeting with Scott would turn into a very long conversation about our upbringings, our families, and about our shared values.

    Over the years, Scott became a good friend to me, a trusted advisor, and somebody that I just valued working with, more than words can say. Scott's kindness, optimism, and his drive to make the world better touched everybody around him. We will always miss Scott. I will always miss Scott. And I hope that we can all honor his legacy by embracing the same generosity that he shared with us.

    [22:53]Maya: Thank you to Adrienne Mangual, Bethany Andell, Brian Jackson, David Holmes, Keri Sprung, Patra Isaac, Kate Hallaway, Sean Marshall, and Alaina Schuhsler for sharing your memories of Scott with us.

    And now, let's hear from Dean Peter Rodriguez, who reflects on Scott's remarkable contributions to the Rice Business community.

    [23:23]Peter Rodriguez: Every time I think about Scott Gale, I smile and I am deeply grateful to have known him. It's really rare to find people like that that leave a lasting impact on your life, a truly lasting and significant impact, but I think Scott did for me and everyone he touched. It almost sounds miraculous, but I think it's true.

    It's even rarer to find a student who not only brings a lot to the program, but leaves so much for so many others, and many others that never got a chance to meet him or that he would never meet. Scott made a real positive difference. He's in a very small handful set of people who made a really positive difference as students here that endures. He helped us with the MBA at Rice. He lent his amazing, beautiful, powerful voice to the right causes, and did so really genuinely and effortlessly.

    From the outside, all the way to the core, Scott was a wonderful, very good man, a great friend. And I miss him dearly and will remember him fondly for the rest of my life.

    [24:29]Maya: As we close this tribute, I'm moved by the love and the admiration shared. Scott had a unique gift for inspiring and connecting with others, leaving us better for having known him. Through his leadership, storytelling, and zest for life, Scott reminds me of what truly matters — living in the moment, uplifting all those who knew him, and chasing the things that light us up inside. His encouragement and belief in others were gifts I'll carry with me — always.

    They say it's not the length of the life but the depth of the life that matters. Scott lived deeply. And while we'll miss his voice, wisdom, and humor every day, his spirit will continue to echo in the lives he touched and the legacy he leaves behind.

    Scott would always close with a single powerful word that reflected his optimism and his resilience. So, in his honor, we'll echo him by saying, and those of you that know the word, say it with me: Onward!

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Rice Business Wisdom: Hidden inequality exists in auto lending

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Rice Business research shows that each year, an estimated 80,000 auto loan applications in the U.S. are denied to minority borrowers due to racial bias.

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For millions of Americans, cars aren’t just a fun way to get around — they’re a necessity. They provide access to jobs, schools and essential services. They help build financial independence and unlock opportunities that would otherwise be out of reach.

Yet for many minority borrowers, the road to an auto loan is often littered with hidden costs. According to research published in The Review of Financial Studies, an estimated 80,000 auto loans are denied each year in the U.S. based on racial bias.

In their study, Rice University’s Alex Butler and James Weston uncover troubling inequalities in America’s auto loan market. Using a dataset that spans over a decade, the experts at Rice’s Jones Graduate School of Business find that Black and Hispanic borrowers face higher rejection rates and steeper borrowing costs than white borrowers, even when they have comparable credit profiles.

A closer look at racial bias in auto lending

Auto loans are the most widely used form of installment credit in the U.S. with more than 100 million borrowers as of 2017. Unlike mortgages and student loans that operate under stricter regulations, the auto loan market is relatively obscure, shaped by personal interactions between lenders and borrowers. This absence of oversight creates an environment where bias can thrive.

The study considers multiple explanations for the observed disparities such as differences in borrower behavior or creditworthiness. But the results show that minority borrowers are 1.5% more likely to be denied an auto loan than white borrowers with similar financial characteristics. Among subprime applicants where creditworthiness is already marginal, this gap grows to 2.4%.

Even when minority borrowers secure loans, they face an additional financial penalty. The study reveals that Black and Hispanic borrowers pay 0.7% more in interest rates than white borrowers. For the average minority borrower, this translates to an extra $410 in present value terms over the life of the loan. In states where racial bias is more pronounced, this gap widens even further — to 1.25%.

Weston emphasizes the broader implications: “This isn’t just about a few thousand dollars here and there — it’s about access to opportunity. The disparities we found in the auto loan market are another roadblock for minority borrowers trying to build a better future.”

A unique dataset

Auto lending is unique from other markets like credit cards, where decisions are mostly automated and leave little room for human bias. For borrowers seeking to secure auto financing, personal interactions are more likely to create unequal outcomes.

To uncover these disparities, the research team (which included Erik J. Mayer ’18, a Rice Business doctoral graduate) linked credit bureau records with demographic data from the Home Mortgage Disclosure Act of 1975, allowing them to examine borrower financial characteristics alongside race and ethnicity. What they found provided a uniquely detailed view of auto lending outcomes.

After accounting for factors like credit scores, income, debt-to-income ratios and ZIP codes, the researchers concluded that racial bias — not differences in financial health — drives the disparities in auto lending. Even more striking, the study found that Black and Hispanic borrowers are actually less likely to default on their loans than white borrowers with similar financial profiles despite facing higher costs and stricter approval standards.

“We wanted to move beyond anecdotal evidence and create a dataset that could definitively measure disparities in auto lending,” says Butler, the Jesse H. Jones Professor of Finance at Rice. “By combining credit bureau and mortgage data, we were able to uncover patterns that hadn’t been documented before — and the results were troubling.”

The road ahead

The study highlights how government rules can help reduce racial bias on auto lending. In 2013, the Consumer Financial Protection Bureau created policies to fight racial discrimination in auto lending. During that time, the difference in interest rates between white and minority borrowers dropped by 60%. But those policies were rolled back in 2018, raising concerns about whether the progress would last.

Questions remain about the long-term impact of these disparities and how they can be addressed through better policy or innovative lending practices. “Our study shows this problem isn’t inevitable — it can be addressed,” says Weston. “The challenge is sustaining the kinds of oversight and accountability that can make lending markets fairer for everyone.”

Weston, senior associate dean for degree programs and the Harmon Whittington Professor of Finance, will be the featured speaker at the upcoming “Owl Have You Know Podcast” live event at 5:30 p.m. March 4. The evening of insights, stories and inspiration will be held in the Anderson Family Commons at Rice’s McNair Hall.

Based on research published in The Review of Financial Studies by Butler, Weston and Mayer (University of Wisconsin): “Racial Disparities in the Auto Loan Market,” this article originally appeared in Rice Business Wisdom.

 

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The Hidden Inequality in Auto Lending

Each year, an estimated 80,000 auto loan applications in the U.S. are denied to minority borrowers due to racial bias.
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Each year, an estimated 80,000 auto loan applications in the U.S. are denied to minority borrowers due to racial bias.

Cars on a highway
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Based on research by Alexander Butler, James Weston and Erik J. Mayer (University of Wisconsin)

Key findings

  • Black and Hispanic borrowers are 1.5 percentage points more likely to be denied auto loans than white borrowers with similar financial profiles. 

  • Among subprime borrowers, this disparity increases to 2.4 percentage points, preventing an estimated 80,000 minority applicants from securing loans annually.

  • Despite facing higher costs and stricter approval standards, Black and Hispanic borrowers default on auto loans less frequently than white borrowers with comparable credit profiles.


 

For millions of Americans, cars aren’t just a fun way to get around — they’re a necessity. They provide access to jobs, schools and essential services. They help build financial independence and unlock opportunities that would otherwise be out of reach.
Image
Cars on the highway

Yet for many minority borrowers, the road to an auto loan is often littered with hidden costs. According to groundbreaking research published in The Review of Financial Studies, an estimated 80,000 auto loans are denied each year based on racial bias. 

In their study, Rice Business professors Alex Butler and James Weston uncover troubling inequalities in America’s auto loan market. Using a dataset that spans over a decade, they find that Black and Hispanic borrowers face higher rejection rates and steeper borrowing costs than white borrowers, even when they have comparable credit profiles.

A Closer Look at Racial Bias in Auto Lending

Auto loans are the most widely used form of installment credit in the United States, with more than 100 million borrowers as of 2017. Unlike mortgages and student loans, which operate under stricter regulations, the auto loan market is relatively obscure, shaped by personal interactions between lenders and borrowers. This absence of oversight creates an environment where bias can thrive.

The study considers multiple explanations for the observed disparities, such as differences in borrower behavior or creditworthiness. But the results show that minority borrowers are 1.5 percentage points more likely to be denied an auto loan than white borrowers with similar financial characteristics. Among subprime applicants, where creditworthiness is already marginal, this gap grows to 2.4 percentage points.

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Cars on a highway

Even when minority borrowers secure loans, they face an additional financial penalty. The study reveals that Black and Hispanic borrowers pay 0.7% more in interest rates than white borrowers. For the average minority borrower, this translates to an extra $410 in present value terms over the life of the loan. In states where racial bias is more pronounced, this gap widens even further — to 1.25%.

Weston emphasizes the broader implications: “This isn’t just about a few thousand dollars here and there — it’s about access to opportunity. The disparities we found in the auto loan market are another roadblock for minority borrowers trying to build a better future.”

A Unique Dataset

Auto lending is unique from other markets, like credit cards, where decisions are mostly automated and leave little room for human bias. For borrowers seeking to secure auto financing, personal interactions are more likely to create unequal outcomes. 

 

“This isn’t just about a few thousand dollars here and there — it’s about access to opportunity. The disparities we found in the auto loan market are another roadblock for minority borrowers trying to build a better future.”

 

To uncover these disparities, the research team (which included Erik J. Mayer — Rice Business Ph.D. ’18) linked credit bureau records with demographic data from the Home Mortgage Disclosure Act (1975), allowing them to examine borrower financial characteristics alongside race and ethnicity. What they found provided a uniquely detailed view of auto lending outcomes. 

After accounting for factors like credit scores, income, debt-to-income ratios and ZIP codes, the researchers concluded that racial bias — not differences in financial health — drives the disparities in auto lending. Even more striking, the study found that Black and Hispanic borrowers, despite facing higher costs and stricter approval standards, are actually less likely to default on their loans than white borrowers with similar financial profiles.

“We wanted to move beyond anecdotal evidence and create a dataset that could definitively measure disparities in auto lending,” says Butler. “By combining credit bureau and mortgage data, we were able to uncover patterns that hadn’t been documented before — and the results were troubling.” 

The Road Ahead

The study highlights how government rules can help reduce racial bias on auto lending. In 2013, the Consumer Financial Protection Bureau (CFPB) created policies to fight racial discrimination in auto lending. During that time, the difference in interest rates between white and minority borrowers dropped by 60%. But those policies were rolled back in 2018, raising concerns about whether the progress would last.

Questions remain about the long-term impact of these disparities and how they can be addressed through better policy or innovative lending practices. “Our study shows this problem isn’t inevitable — it can be addressed,” says Weston. “The challenge is sustaining the kinds of oversight and accountability that can make lending markets fairer for everyone.”

Written by Scott Pett

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Cars on a highway

Butler, Mayer and Weston, “Racial Disparities in the Auto Loan Market.” The Review of Financial Studies. 36 (2023): 1-41. https://doi.org/10.1093/rfs/hhac029.


James Weston
Senior Associate Dean for Degree Programs
Harmon Whittington Professor of Finance

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Shaping The Future of Energy Infrastructure feat. Andrea Edmundson Bryan ’20

Flight Path
Flight Path
Energy

Season 4, Episode 32

Andrea discusses Race Rock's work shaping energy infrastructure, her journey from a liberal arts degree to an MBA at Rice Business and her family’s deep Texas roots.

Andrea Edmundson Bryan

Owl Have You Know

Season 4, Episode 32

Andrea Edmundson Bryan wasn’t exactly sure what she wanted to do with her liberal arts undergrad degree. But one thing she did know? She had a strong curiosity to learn more about the business world.

To Andrea's surprise, this curiosity led her to a career in oil and gas and an MBA at Rice University. Andrea is now the Chief Administrative Officer at Race Rock, a Houston-based manufacturer of critical infrastructure products for the energy sector with a mission to provide safe passage for people and power.

Andrea joins host Maya Pomroy ’22 to chat about Race Rock's diverse work that’s shaping the future of energy infrastructure, her journey from a liberal arts degree from TCU to an MBA at Rice, her family’s deep Texas roots, and the lasting impact her MBA has had on her career and life.

Subscribe to Owl Have You Know on Apple PodcastsSpotify, Youtube or wherever you find your favorite podcasts.

Episode Transcript

  • [00:00]Maya Pomroy: Welcome to Owl Have You Know, a podcast from Rice Business. This episode is part of our Flight Path Series, where guests share their career journeys, the stories of the Rice connections that got them where they are.

    Andrea Edmundson Bryan never expected to find herself leading a firm focused on developing critical infrastructure for the country. The native Houstonian and English major started her career as a Fulbright Fellow, teaching English in Malaysia. Now, the Chief Administrative Officer at Race Rock Infrastructure and the Rice Business Alumni Board member shares her story of how transformational mentors and Rice Business lead her to finding her true passion of leading and preparing our nation for the future in transportation, telecommunications, and energy.

    Welcome to Owl Have You Know. I'm your host, Maya Pomroy. Our guest today is Professional MBA from the Class of 2020, Andrea Edmundson Bryan.

    Andrea, thank you for joining us today.

    [01:00]Andrea Edmundson Bryan: Thank you so much. Happy to be here.

    [01:02]Maya Pomroy: So, you were part of that 2020 cohort that never got to walk across the stage.

    [01:08]Andrea Edmundson Bryan: We walked. We were just a year later, but we walked later. Yes.

    [01:12]Maya Pomroy: Okay, you started at Rice in 2018. Oh, the glory days.

    [01:17]Andrea Edmundson Bryan: Yes, exactly.

    [01:19]Maya Pomroy: And you are currently the Chief Administrative Officer at Race Rock Infrastructure, which is a leader in the critical infrastructure industry and energy industries. And you've been doing that for quite some time. What drew you to that line of work?

    [01:36]Andrea Edmundson Bryan: Well, it’s funny that you asked that, because if you'd asked me that 10 years ago, I would have never said that I would be here. Just by a series of events and, kind of, the path that I went down, I think I really give credit to the individual that I've been working for for the last 10 years, my boss, Donnie Young.

    And we started off in oil and gas. I started working with him in 2014. We had a path for five years at a previous company there. And he ultimately sold that business. And when he exited that business, I left with him, which was in between my first and second year at Rice. And we looked around and, kind of, figured out what we wanted to do next. And highway infrastructure, steel manufacturing fell into our lap in November of 2020. And so, that was the first acquisition that we had. And we have just built…we spent the last four years building that business. And so, being in this field is not something that either one of us, I think, sought out, but are thrilled to be in it. It's a great business in the state of Texas and in the United States as a whole, especially right now. So, it’s a great business and the Race Rock is doing extremely well. So, very, very happy and fortunate.

    [02:38]Maya Pomroy: Well, we'll talk about Race Rock in just a little bit, but I want to talk about your upbringing and your childhood. So, you were born and raised right here in Houston, Texas.

    [02:46]Andrea Edmundson Bryan: Yeah, born and raised Houstonian, very proud Texan. I think I'm a seventh or eighth-generation Texan from family lineage. Yeah, I went to St. Agnes for high school. I went to TCU for undergrad.

    [02:58]Maya Pomroy: You were an English major.

    [02:59]Andrea Edmundson Bryan: English major, yes, which is, kind of, a unique track. I love telling people this. I'm the middle of three children. My dad's a physician here in Houston and my mom is a nonprofit. And my dad said, “Look, you can go anywhere you want to go. We will support you to do that. But you have one stipulation. You have to have a degree in liberal arts from an undergrad.” And so, my brother, sister, and I all did that, kind of, a different track. You know, you hear a lot of people say you need to go in accounting, finance.

    [03:22]Maya Pomroy: Yeah. I'm curious about why. I mean, he's a physician. I was thinking you were going to say, “You gotta be a doctor.”

    [03:28]Andrea Edmundson Bryan: No, he said liberal arts and, kind of, really embodied this philosophy that you go to undergrad, you know, college to really learn how to think critically and analyze and read and write, and then go out and get a job, figure out what you really like and specialize. And so, all three of us have done that.

    And for a long time, people were like, “An English major, what are you going to do with that? Like, where are you going to end up? You don't want to teach long term or go get a Ph.D.” But it has served me so well, because I think it really did set us up, all three of us and myself, specifically, to think critically and be able to analyze. And I think that, kind of, plays into your original question of how I ended up in infrastructure. You just, kind of, take a path and you learn as you go and think through problems. And, you know, people… early on in my career, a mentor of mine told me, numbers are easy. People are always your problem when it comes to business. I think that translates anywhere. And so, very grateful for the path and having that English undergrad degree.

    And then, of course, as you can imagine, going to Rice, it was a feat for me to get through, you know, the rigorous coursework at Rice Business, but I'm so grateful for it. And I think that that English foundation really helped me, kind of, struggle through it efficiently and, ultimately, very successfully.

    [04:36]Maya Pomroy: So, you went to TCU.

    [04:38]Andrea Edmundson Bryan: I did, go frogs, yes.

    [04:39]Maya Pomroy: Yes. Up in Fort Worth. Wonderful town as well. Not knocking Houston, but Fort Worth is really, really thriving. What made you choose TCU?

    [04:47]Andrea Edmundson Bryan: Well, it's funny, you know. I really wanted to go to that big university in Austin, but they wouldn't take me. So, TCU, kind of, fell into my lap, but I tell people all the time that I wish my college experience on everyone. I had the best four years in Fort Worth at TCU — socially, academically, culturally, in every area. And it was the best fit. And I, to this day, stay actively involved. I serve on the Board of the Honors College there, go to football games, the whole nine yards. And obviously, having an office and manufacturing facility for Race Rock in Fort Worth is fun. And my husband and I have a house there that we maintain. So, lots of connections to Fort Worth that we hold really special to us.

    [05:28]Maya Pomroy: And your husband is also Texan through and through, correct?

    [05:32]Andrea Edmundson Bryan: Yes, he is, yeah. Those roots are very, very deep. A seventh, eighth-generation Texan as well. A lot of Texas pride, I think, in the family, for sure.

    [05:41]Maya Pomroy: Well, and so, tell me about the Bryan Museum in Galveston, because that is your family's museum.

    [05:47]Andrea Edmundson Bryan: Yes, my father-in-law's collection of, you know, basically, the settlement of the West. So, lots of Texas history. And it's a huge collection. I'm biased, but it's phenomenal museum and building and structure. And all the items in the collection are fantastic and phenomenal.

    So, we stay involved on a family level, but then on a personal level, you know, being such a proud Texan, it's a fun thing to do and be a part of and support. And our history in the state is rich. I have so much of it. As someone, I spent a year abroad teaching English in Malaysia right after undergrad at TCU. And I was telling someone the other day that there were 50 of us that went from the U.S. to go teach and I was the only Texan in the group.

    [06:29]Maya Pomroy: Really?

     

    [06:29]Andrea Edmundson Bryan: And when people asked, you know, where we were from, down to the last person, everyone would say, “Oh, we're from the States.” And I'm the only person that, when asked, every time…

    [06:37]Maya Pomroy: “I'm from Texas.”

    [06:38]Andrea Edmundson Bryan: “I am from Texas. I am from Texas.” So, you know, bigger, brighter, louder, all the things, but lean into that really hard. And so, the museum has been something really fun to watch. We're about to celebrate the 10-year anniversary in 2025. So, it opened in 2015. Great for all ages, children, all the way up to adults. And there's everything for every need, from an artistic standpoint, you know — documents, saddles, spurs, guns, maps, paintings, videos, dioramas. I mean, the whole thing. It's so interactive and it's phenomenally done. My father-in-law has a huge niche and ability to see things and create these stories. So, it's a beautiful, beautiful collection in a gorgeous building down in Galveston. Yeah.

    [07:20]Maya Pomroy: I love that. So, you had mentioned that, after you graduated from TCU as an English major, you went to Malaysia to teach English. So, how old were you? Were you 22 when you decided to do that?

    [07:30]Andrea Edmundson Bryan: Yeah, I was 22. Yeah. I went and taught English in Malaysia under the Fulbright scholarship. So, I went through the State Department. And I vividly remember applying for that and thinking going home the day I applied and just weeping in the shower, being like, “What have I done? Like, if I am so fortunate enough to receive this, like, you don't turn this down.” And I have no idea where Malaysia is, really, on a map. Like, I will know no one. I'm terrified. And it was a profound moment for me that I've, like, “Okay, this is a big deal. Like, you're adulting, really. Like, you're going to graduate college and potentially go somewhere.”

    [08:05]Maya Pomroy: To the opposite side of the planet.

    [08:08]Andrea Edmundson Bryan: Literally, like, that's what I would tell my students, like, “Here's a globe. Here's Houston. Go to the other side. And that's Malaysia, you know, 24 hours to get there.” But spent a year, was fortunate enough to be given a spot, and spent a year teaching high school English in a very, very rural town, about an hour north of Singapore. So, I was in the Southern part of Malaysia and traveled all over Southeast Asia, got down to Australia. It was an adventure of a lifetime. And I think really, kind of, again, foundational roots on, you know, pick yourself up by your bootstraps and figure things out and think through problems. And how do you eat an elephant? One bite at a time. And so, after, you know, 10 months, looking back, it was a transformative year in my life that I will forever be grateful for.

    [08:51]Maya Pomroy: So, tell me some of the most profound things that you learned from that experience. I know that it's really hard to condense something like that, but if you were to write a book and there was a chapter about this experience that you had. And how many total scholars were invited to go?

    [09:10]Andrea Edmundson Bryan: Fifty. So, the program I had initially applied, because there were only 15 spots and about, historically, 30 applicants. So, I was like, “Oh, the odds are in my favor here.” Like, you know, it's one of the smaller kind of cohorts. And the year I was granted a spot, the Malaysian government infused a lot more money into the program. And so, our program went from 15 to 50. So, we were, kind of, a guinea pig year in that capacity.

    But there were challenges. And so, there were days, for sure, I would be lying, if I said there weren't days being like, “Can I do this? Like, I'm a girl from Texas that never had…” I had never… I traveled to Mexico with my family, but I had never been to anywhere in Asia. I had never been anywhere in Europe. I'm thinking, “Can I really do this?” And you're a lot stronger than you think you are, I think, is my biggest takeaway from my experience in Malaysia. And I hold on to that, you know, when I have challenges at work or at Rice and school. Like, I can do this. We can do hard things, right? And so, I think that would probably be, for sure, my biggest, takeaway — you're a lot stronger than you think you are.

    [10:12]Maya Pomroy: Well, and I think that that's a common thread through lots of Rice grads, because I think, taking this leap to go pursue an MBA is something that, it's a choice, right? It's a choice that you make and you have to really believe in yourself, even when it's the most, you know, challenging thing to do and you're like, “Oh, my gosh. Am I smart enough? Am I strong enough? Do I have the time to do this? Am I going to sound like a fool if I speak up in class,” and all of those things.

    [10:39]Andrea Edmundson Bryan: All of those things. It's so true. And it's not just at, you know, at Rice. It’s out when you get out into the real world. Like, all of those things constantly are presenting themselves in business and day-to-day life.

    [10:48]Maya Pomroy: So, once you got back from Malaysia, was that your, sort of, move into Race Rock?

    [10:54]Andrea Edmundson Bryan: Yeah. So, a little bit of a stint in which I came home from Malaysia at the end of 2012, worked for a small company in 2013, and then, in 2014, my resume landed on my current boss's desk, Donnie, and he hired me.

    [11:07]Maya Pomroy: Who's a mentor to you?

    [11:08]Andrea Edmundson Bryan: Yeah, for sure. Having… yeah, having worked for someone, for the same person, for 10 years now. And I had no idea what I wanted to do. And I think this is something that you hear a lot from college graduates, you know. Now, I still, when I'm talking to people or trying to be a mentor myself, and they say, “I have no idea what I want to do,” and I say, “Don't wait for the perfect job. Just go get a job.”

    [11:30]Maya Pomroy: Perfect job doesn't exist.

    [11:31]Andrea Edmundson Bryan: It doesn't exist. Like, I'm still trying to figure out what I want to be when I grow up, right?

    [11:35]Maya Pomroy: Aren't we all?

    [11:36]Andrea Edmundson Bryan: Aren't we all? And so, Donnie hired me as his assistant, and I said, “Look, I don't know if I want to do this for my whole life. I don't think I do. It’s like I do know I want to go back and get my MBA at some point.” I knew that in 2014. I knew I wanted to do that. But I said, I want to learn business and I want to learn oil and gas because I'm here in Houston, I want to stay in Texas. So, show me what we can do with this. And full credit where credit's due, he did that. He took me under his wing and let me see and be a part of everything at the business, from top to bottom.

    [12:08]Maya Pomroy: How big was the company in 2014?

    [12:09]Andrea Edmundson Bryan: We were about 500 employees. We ultimately ended up being about 500 employees. We did a series of acquisitions. So, we weren't 500 when I started. We were an international company. And the onus, really, to get me to Rice, ultimately, was I was sitting in board meetings. I mean, Donnie was letting me sit in board meetings and I have a seat at the table.

    [12:31]Maya Pomroy: What trust!

    [12:31]Andrea Edmundson Bryan: And I can't read a financial statement. I'm like, “Oh, I can't… I have no idea. Like, I can hear what they're saying and I can, kind of, comprehend, but I can't read these. I can't articulate the right questions or anything.” And so, it was, you know, through that experience and that exposure that he was allowing me to have that I ultimately went to him and said, “Hey, that MBA thing, it's time. Like, I want to go do it now.” And he was fully supportive of that in every way possible.

    So, it's been just such a phenomenal ride with Donnie at Hoover and then leaving and then, you know, really starting Race Rock, which, in its origin, was a family office, and starting a family office. What does that look like? And what does that take? And it was, kind of, a new adventure. And then finding out what sector we were going to be in and doing a number of acquisitions to grow and build a business, it's been fantastic. I've learned so much that I feel like a lot of people at my, kind of, my age or point in their careers maybe haven't had that type of exposure or experience from top to bottom, because I've seen it all and I've done it all. It's been great. Fantastic.

    [13:30]Maya Pomroy: Well, so that's fascinating that it was a family office. And so, tell me the roots of how that grew.

    [13:35]Andrea Edmundson Bryan: Yeah, I mean, it was Donnie and myself in an office. We just, you know, how does this work? And, you know, I guess we need some computers and some printers and, you know, Wi-Fi. I mean, it really started off so basic and then, kind of, really developing into, do we go, kind of, private equity? Do we start a fund? Do we raise money? We’ve talked about doing a SPAC. What does that look like? What industry do we want to be in? Back in oil and gas, something totally different. Hoover was a rental container manufacturing business.

    [14:03]Maya Pomroy: So, let's back up. So, we didn't talk about Hoover, yet. So, tell me about Hoover.

    [14:06]Andrea Edmundson Bryan: Yeah, it was a rental container manufacturing business. So, those, kind of, in basic terms, those stainless steel IVC tote tanks that you see out on rigs or stacked on the back of 18-wheelers, that was the bread and butter of that business. So, it was a rental business in manufacturing.

    So, again, if someone had asked me at TCU, “Hey, you think you're going to go into oil and gas manufacturing,” I would have said, “No, don't think so. What? Yeah, I don't think so.” And so, Hoover was a fantastic business. And I learned a lot about, you know, oil and gas and how that works. But again, working so closely with Donnie, I was really getting to know, like, what goes on in an office and how does that really happen? What does it take to make that run and, you know, employees and the challenges and what people want and what they fear, all those things.

    [14:50]Maya Pomroy: So, that was the beginning with Hoover.

    [14:52]Andrea Edmundson Bryan: That was the very beginning. Yeah, that was Hoover. And then, Hoover was ultimately sold to private equity. So, I got to see a process run. And then, acquisitions were done after that sale. So, I saw, you know, acquisitions happen. So, there, I had seen so many things and been a part of so many things, integration efforts, that I knew a lot more than I thought I did about what it takes to make a business, kind of, hum and what goes into that on a day-to-day basis.

    And then, you know, from Hoover, when Donnie ultimately stepped away from that business and I, kind of, sat there and I was like, “Well, this has been a really fun ride, Donnie. Like, thank you for the five years.” And he was like, “Oh, no, you're coming, too.” I was like, “Oh, okay. We're going.” I was in between my first and second year at Rice. So, it was such an interesting time for me having… you know, I was in the throes of business school and really figuring out, what do I like about this? What am I drawn to? And then, kind of, a full other shift in a professional sense on, what is that next step going to look like? And so, yeah, to your point, a lot of trust that we were going to land… I knew that Donnie would land with his two feet on the ground. There was no doubt about that. Yeah. And I knew that it would be a new challenge for me to, kind of, what's going to be next? And so, setting up a family office was, kind of, the first step and what that looked like. And it was, you know, everything from the bottom up.

    And that had always, kind of, been my mentality, the idea of being above no task and I'm not afraid to ask questions or understand why we're doing something. And so, that really played well into building that office and then ultimately building a team. And then Donnie found a business that he wanted to go after. And so, again, having that, you know, previous exposure to mergers and acquisitions at Hoover, we started doing that at Race Rock and acquired structural and steel products in November of 2020. And Race Rock, the genesis took on what it is today. And the business has just grown exponentially.

    [16:47]Maya Pomroy: Thrived, yeah.

    [16:47]Andrea Edmundson Bryan: Yeah, it's thrived. We moved offices. The team, now in Houston, there's eight of us here in the Houston office. And we've got almost 500 employees across the organization, across the United States. So, through a series of additional acquisitions, we've just continued to build and grow out Race Rock.

    [17:04]Maya Pomroy: So, tell me about Rice. And first of all, what did your husband say when you're like, “I'm going to go get this MBA?”

    [17:10]Andrea Edmundson Bryan: He was like, “Of course, you are.” You know, he was so supportive. And we were together at that time, but yeah, to throw another, kind of, life situation that happened, we got engaged while I was at Rice. So, we got married, you know, right after supposed to be graduation. We got married in May of 2020.

    [17:31]Maya Pomroy: May of 2020? Oh, my gosh, you got a wedding?

    [17:34]Andrea Edmundson Bryan: Yeah, I know.

    [17:35]Maya Pomroy: That's amazing.

    [17:37]Andrea Edmundson Bryan: Yeah, it's funny. There was something, you know, to it. We'd gotten engaged and I was like, “Okay, we're going to get… I'm going to graduate and I'm going to get married two weeks later, because why not? Let's just do everything all at one time.”

    [17:47]Maya Pomroy: Well, you learned that you're stronger than you think, right?

    [17:51]Andrea Edmundson Bryan: Exactly, exactly.

    [17:51]Maya Pomroy: I'm stronger than I think I am. And you are.

    [17:55]Andrea Edmundson Bryan: And a crazy person for wanting to do all of that. But then, when the world, kind of, shut down in March and it looked like this may be a little bit longer than a-couple-of-week thing, I was like, “You know what? There's just something in my gut telling me, don't cancel this and try to adjust it. Just keep it.” And so, we went from 300 people to 12, just family, and kept the date. And it was magical and perfect and everything I could have ever wanted and hoped for in a wedding. So, I was thrilled. I wanted to get married. I didn't want to have a wedding. So, we did that. And, you know, I had front-loaded all my second-year courses because I was like, “Oh, we're going to have a graduation and a wedding. I'm going to be trying to be planning. So, let me try and get the slate pretty much clean by March so that I can really, you know, focus on the wedding.”

    [18:41]Maya Pomroy: And then you got March.

    [18:42]Andrea Edmundson Bryan: And then March came. And when everyone went online, I just, kind of, stayed home. Like, I didn't really have to do that transition as much as most of my other classmates that had not front-loaded as heavy as I had. Maybe that's why my overall experience was, I just paused it everywhere. Like, I didn't have to transition to online classes, which I know was just a weird time for everybody, right? But Rice, overall, was fantastic. And lots of things, as I've highlighted, kind of, happened in my two years there. You know, like, pivoting, leaving companies, starting new ones, getting engaged, getting married. And then also just everything about Rice. While you're in school, all of those things happen, too.

    [19:22]Maya Pomroy: So, tell me about your cohort. So, that was 20… so, you started in 2018 to 2020. Because I know some folks from that cohort.

    [19:29]Andrea Edmundson Bryan: Oh, you do?

    [19:29]Maya Pomroy: I was a little bit later, but, yeah, I started in 2020 when…

    [19:32]Andrea Edmundson Bryan: Okay, when I was ushering out, you were coming in.

    [19:34]Maya Pomroy: Well, it was around… it was around COVID time, maybe a little bit before, was when I applied and got the great news, and then COVID happened. I'm like, “What? Wait?”

    [19:43]Andrea Edmundson Bryan: “What is this going to look like? Yeah, I'm not sure.”

    [19:47]Maya Pomroy: Yeah.

    [19:48]Andrea Edmundson Bryan: I mean, phenomenal. I mean, I'm just I was, kind of, like a kid in a candy store, just, like, seeing and hearing all these people and talking to all these, you know, like-minded but super smart, talented people from all different walks of life, all different backgrounds, just a diverse class all the way around and have made lifelong… two of my best girlfriends to this day, I met and made at Rice Business. Was in one of their weddings. Yeah, I mean, it's just like all of those things. So, just like my TCU experience, I, kind of, wish that on everyone else, that when they think about doing an MBA program, that they have the experience I had at Rice, which was phenomenal. It was great. Everything about it, from professors, faculty, atmosphere, culture, social, everything about it was awesome. And I continue to show that to people in my, kind of, involvement with Rice since graduation that I feel really passionate and strongly about and giving back, and I'm always the first person if someone reaches out and say, “Hey, I have somebody that's thinking about, you know, MBA,” I'm like, “Let me talk to him. I'll talk to him. Let me talk to him.” Even better, if they say they want to go to Rice, I'm like, “Oh, this is an easy one.” I'm always, kind of, singing, you know, Rice's praises and wanting people to consider it for sure, if they're considering getting an MBA.

    [21:06]Maya Pomroy: Well, your favorite classes, your favorite professors, you got to choose. Sorry.

    [21:09]Andrea Edmundson Bryan: I mean, so many. I think Lansford… and this may shock people in financial accounting, but that was my first, you know, they let you lead off with that. And it's probably one of my hardest classes, that English undergrad. You know, I think I took a basic math class at TCU. I didn't have to take anything other than that. And so, it really, kind of, kicked into gear what I was doing and helped me…

    [21:32]Maya Pomroy: Well, you were sitting in that boardroom with those financial statements. So, you're like, “Ahh…”

    [21:35]Andrea Edmundson Bryan: Yeah, it’s like, “This makes sense now.” And he was phenomenal and just, you know, a great teacher. But there were so many. And I found myself, you know, getting involved in things on campus, Board Fellows, which was a phenomenal experience. I continue…

    [21:49]Maya Pomroy: Who are you with?

    [21:51]Andrea Edmundson Bryan: The landing was the nonprofit that I was with. So, kind of, a safe house for women in sex trafficking here in Houston. And brought a lot of board governance to that experience since I'd had it at Hoover, right? So, they were thrilled to, kind of, have that brought to the table. And then served on the exec team for Board Fellows because I felt so passionately about it. I think my mom's nonprofit background really, kind of, came out through me in that experience.

    [22:15]Maya Pomroy: Ignited that, yeah.

    [22:15]Andrea Edmundson Bryan: Yeah. And then, you know, that weaves into the involvement that we have at the Bryan Museum now still to this day. So, it, kind of… there's so many, kind of, flows through my journey and my path that resonate and have stops, you know, at Rice. There are tidbits.

    [22:29]Maya Pomroy: They all connect.

    [22:29]Andrea Edmundson Bryan: They all connect, yeah.

    [22:30]Maya Pomroy: Well, so, Board Fellows, for those that don't know, who might be considering Rice, one of the phenomenal opportunities is the Board Fellows program. So, could you tell us about that?

    [22:39]Andrea Edmundson Bryan: Yeah. So, they put current MBA students on nonprofit boards. And so, it's, kind of, this symbiotic relationship of getting an MBA student some exposure to, you know, kind of, a board environment, some, obviously, smaller nonprofits to larger ones. So, those atmospheres are different for each type of nonprofit organization. And then the nonprofit, the organization gets an MBA on their board, which is phenomenal.

    [23:06]Maya Pomroy: Win-win.

    [23:06]Andrea Edmundson Bryan: The, you know, bringing your… it's a win-win. It's the best type of program or something that a Rice student can get involved in, but also, like, giving back to the community here in Houston. It's just, I love it so much. It was a great experience. And I'm a big supporter of it and actually have, kind of, connected the Bryan Museum to getting a board fellow on their board. Now, you know, after 10 years, the board has really, kind of, taken shape. And so, yeah, if you're a nonprofit here in Houston wanting a Rice MBA board, you know, member for a year, you should definitely reach out to Rice and get your name in the mix to be part of Board Fellows. It's a great idea.

    [23:42]Maya Pomroy: I had a couple of close friends that did Board Fellows as well. And it was life-changing for them. It was just such a great opportunity to really be engaged in the Houston nonprofit scene. And there's so many different organizations. You were saying sex trafficking. There's also the Center for Houston's Future. I mean, it was so many different ones that really benefit and the student benefits, too. And I'm not sure that many schools have that kind of opportunity.

    [24:11]Andrea Edmundson Bryan: It's highly sought after. You know, it's very competitive at Rice. You have to apply and do all of the…

    [24:16]Maya Pomroy: It’s competitive.

    [24:17]Andrea Edmundson Bryan: It's very competitive. But there's a level of importance with that, too. And I think getting individuals at Rice, you know, more aware and involved in nonprofits here in Houston, which are, to your point, there's thousands of organizations that exist here and do great work. And so, you know, connecting the Rice MBA students to that, I think, is phenomenal.

    [24:36]Maya Pomroy: So, speaking of great work, let's talk about your great work that you're working on now. So, there's definitely big shifts in energy and technology right now. And you're, sort of, at the forefront of that with Race Rock. So, tell me about the kind of work that you're doing now and what you're the most looking forward to and how your company is going to continue to grow.

    [25:00]Andrea Edmundson Bryan: I mean, there's so many, you know, big and exciting things going on. I think in, you know, in the highway infrastructure space and the arena that we play in, you know, steel manufacturing and galvanizing, there's just, there's always room for improvement, right? Everyone drives down the street. Everyone drives on highways. And you see the structures that hold the signs on freeways.

    [25:20]Maya Pomroy: Nobody thinks about that, though. I was talking to one of my kids the other day and we were talking about property taxes and federal tax, like, those are these things everybody takes for granted. You know, you don't think about where they're just there.

    [25:34]Andrea Edmundson Bryan: Yeah, they're just there until… and they're there until you need them, right? And the guardrails along the highway that protect you if you get into an accident. We really pride ourselves on, you know, providing safe passage for people in power. That's our, kind of, motto and what we hold on to. And I think that it's true in the energy transition space and there's a lot of people moving around all the time, especially, you know, here in Texas, with the amount of highways and freeways that we have. So, it's exciting work. It's great work. You know, the manufacturing industry is strong and it is the backbone of so many parts of this country and the people that we [crosstalk 26:09].

    [26:09]Maya Pomroy: Coming back, right?

    [26:10]Andrea Edmundson Bryan: Coming back, we hope, yeah. In a lot of ways, we, you know, we've felt like it's never gone away because the business has done so well, but yeah, it’s coming back and we have operations in Ohio and in Connecticut. And those areas are, you know, equally as important and critical to the infrastructure of our country. So, it's great. And we're looking forward to everything that, you know, we have in store for 2025. The business is booming. There's lots of work to be done. Lots of utility structures, large poles. If you go check out our website, our Instagram, you'll see all the huge structures that we make and produce and provide safe passage for people in power across the United States.

    [26:51]Maya Pomroy: Yes, which, you know, in Houston, most recently, has been hit by quite a bit of, you know, weather-related traumatic and weather-related events. And so, I'm assuming that that's something that Race Rock also participates in. And it's really vital and you don't realize how vital and crucial it is until it's not there.

    [27:11]Andrea Edmundson Bryan: Until it's not there and you need it, yeah, exactly. So, you know, creating these structures and all that it takes to do that and the teams that we've created and individuals.

    [27:20]Maya Pomroy: And to withstand-

    [27:22]Andrea Edmundson Bryan: Yes.

    [27:22]Maya Pomroy: .. the types of storms. I mean, that’s really what it's about. It's not man-made. It’s, you know…

    [27:29]Andrea Edmundson Bryan: Correct, correct. And the landscape has changed, right? Like, it has... we've seen it just in Houston this summer with Beryl, and, you know, these small births of storms that can do so much damage, right? So, creating the infrastructure that we need to maintain that and move forward is critical.

    [27:46]Maya Pomroy: So, if you had a piece of advice for someone that's listening that is considering Rice Business as an opportunity but isn't quite 100% sure, because you said, you know, if somebody wants to talk about going and getting their MBA, “Yes, come talk to me.” So, what would you say to them?

    [28:05]Andrea Edmundson Bryan: Well, there's never a perfect time. That's always the first thing that, kind of, comes out when I'm talking to somebody. They'll say, “Oh, I don't know if right now is the right time or in a year from now, or I'm considering.” No, there's never a right time. So, just go for it. You just do it now. Apply. There's no harm or foul in applying, and moving forward. And I also, you know, from my own personal experience, people ask me, like, why, why go get an MBA? Like, there's a lot of argument of, like, is that really necessary, you know?

    [28:33]Maya Pomroy: I've had that, too.

    [28:34]Andrea Edmundson Bryan: Yeah. And to me, I think it's, kind of, multifaceted. But going through something hard and challenging like that, it's always a good thing to, kind of, learn something new and challenge yourself and do something difficult and come out at the other end of that. I think that's important on a human level, on giving yourself purpose and challenging yourself and constantly learning. I fully believe in, kind of, doing that and cultivating yourself as an individual at all times.

    [28:58]Maya Pomroy: An investment in thyself.

    [29:59]Andrea Edmundson Bryan: In yourself. And then, also, for me, kind of, the big factors, I always wanted that tool in my toolkit. So, I can't tell you what's going to happen tomorrow, I can't tell you what's going to happen next year, what my life's going to look like, what pivots or tracks will happen, but I will always have this in my toolkit, an MBA from Rice that will always be mine. And I think it taught me so many things that I can always, in some way, shape, or form, lean on when I need it at some point — professionally, personally, all the things. And so, if you're thinking about it, my advice to you is go do it, apply. And if you get into Rice, the answer is easy. Go to Rice. You're going to have a fantastic experience and you're going to have so many doors open for you.

    [29:45]Maya Pomroy: Go do it.

    [29:46]Andrea Edmundson Bryan: That's right, go do it.

    [29:47]Maya Pomroy: Well, Andrea, it has been so much fun to talk with you and such a pleasure to learn just a little bit, a little part of your story.

    [29:54]Andrea Edmundson Bryan: Yes. Thank you.

    [29:55]Maya Pomroy: And thank you for taking the time to talk with us. So very grateful for everything that you do for Rice. And we're going to keep up with you. And who knows? Like you said, nobody knows what's going to happen tomorrow. Maybe you'll be back for a pivot story.

    [30:08]Andrea Edmundson Bryan: There you go. Never know. So, nice meeting you and talking to you. Thanks for taking the time.

    [30:14]Maya Pomroy: Thanks for listening. This has been Owl Have You Know, a production of Rice Business. You can find more information about our guests, hosts, and announcements on our website, business.rice.edu. Please subscribe and leave a rating wherever you find your favorite podcasts. We'd love to hear what you think. The hosts of Owl Have You Know are myself, Maya Pomroy, and Scott Gale.

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In honor of the Rice Business Plan Competition’s (RBPC) 25th year, Rice University’s Jones Graduate School of Business and the Rice Alliance for Technology and Entrepreneurship announced today that Rice Business will be the presenting sponsor at this year’s event.

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The 25th annual event in April will be hosted by Rice Alliance for Technology and Entrepreneurship

In honor of the Rice Business Plan Competition’s (RBPC) 25th year, Rice University’s Jones Graduate School of Business and the Rice Alliance for Technology and Entrepreneurship announced today that Rice Business will be the presenting sponsor at this year’s event.

The world’s largest and richest intercollegiate student startup competition, the RBPC is hosted and organized every spring by the Rice Alliance. Each year, the RBPC brings together the best student ventures from top universities across the world to compete for more than $1 million in prizes in front of more than 350 venture capital, angel and corporate investors as well as members of the Houston business community.

“Supporting the RBPC reflects our deep commitment to entrepreneurship and innovation,” said Dean Peter Rodriguez. “Houston is a pro-business hub and a hotbed for breakthroughs in energy, health care and technology. As Rice Business celebrates 25 years of the RBPC, we are proud to strengthen our role in shaping future leaders who will drive progress in these vital industries.”

The RBPC has played an important role in the business school’s reputation for entrepreneurship. Rice Business has earned the No. 1 spot for graduate entrepreneurship programs by Entrepreneur magazine and The Princeton Review for six years in a row and sits at No. 8 on the U.S. News & World Report list of top MBA schools for entrepreneurship. The university’s entrepreneurial ecosystem features a collaborative culture, a willing network of mentors, paths to funding and multiple competitions. The ecosystem also combines academic courses and cocurricular programs led by the Liu Idea Lab for Innovation and Entrepreneurship and regional, national and cocurricular programs led by the Rice Alliance.

“The RBPC offers real-world opportunities to learn what’s required to successfully launch a new business,” said Brad Burke, associate vice president for industry and new ventures at Rice’s Office of Innovation and executive director of Rice Alliance. “But to me, the greatest part of the RBPC is the mentoring students receive from the experienced investors and entrepreneurs at the competition. It’s remarkable to see the success of these ventures after the RBPC; RBPC alumni have raised more than $6.1 billion in funding. Many founders feel their success was greatly accelerated by the mentors and investors they met at Rice.”

Rice Business, which celebrated its 50th anniversary last year, has one of the leading MBA programs in the country with an entrepreneurship specialization, and the school has multiple programs and accelerators that provide guidance and support needed to launch and grow businesses.

Since its inception, the RBPC has grown from nine teams competing for $10,000 in prize money in 2001 to 42 teams from around the world competing for more $1 million in cash, investment and in-kind prizes. Over two decades, 826 teams have raised more than $6.1 billion in capital with 59 successful exits.

 

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Rice University is a hub of cutting-edge, multidisciplinary research on the brain. In addition to a critical mass of researchers in the field, Rice is home to entities dedicated to collaborative clinical and scientific research on the brain:

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Brain health is a key factor in workforce well-being and organizational success and carries a deep-seated impact on economic development. In growing recognition of the role of the human brain as foundational to economies around the globe — both in terms of the costs associated with brain disease and as individual and collective brain capital — the notion of “brain economy” has emerged as a topic of interest for organizations such as the World Economic Forum, the United Nations General Assembly, the World Health Assembly, G7, the Organisation for Economic Co-operation and Development, UNESCO, UNICEF, the European Commission and the UN Council of Parties.

Rice University is a hub of cutting-edge, multidisciplinary research on the brain. In addition to a critical mass of researchers in the field, Rice is home to entities dedicated to collaborative clinical and scientific research on the brain:

● The Rice Neuroengineering Initiative harnesses Rice’s world-class expertise in neuroscience, engineering and related fields like signal processing, biosciences and nanotechnology to explore neural function and interactions with the brain.

● The Center for Neural Systems Restauration (CNSR), a collaboration between Rice and Houston Methodist, is an interdisciplinary center for neuroscience research and medical treatment innovation designed to bring together scientists, clinicians, engineers and surgeons to tackle complex brain-related medical challenges like stroke recovery, mild traumatic brain injury detection, upper and lower limb mobility restoration, balance and biofeedback training.

● The Neuro-Policy Program at Rice’s Baker Institute for Public Policy leads an interdisciplinary approach to addressing brain health challenges and advancing economic opportunity. The program is at the forefront of pioneering data analysis, empirical research and policy application.

As employers, policymakers, health care providers, educators and other stakeholders continue to engage this topic, Rice experts are ready to offer their insight on scientific and biomedical advancements relevant to brain health.

Policy, leadership and the brain economy

● Harris Eyre is the Harry Z. Yan and Weiman Gao Senior Fellow in Brain Health at the Baker Institute, where he leads its Neuro-Policy Program. With a background in medicine, neuroscience and business, Eyre is an entrepreneur and scholar dedicated to fostering awareness, knowledge, skills, tools and leadership for the brain economy. He works closely with the McKinsey Health Institute and is a member of the Champion’s Cabinet of the Davos Alzheimer’s Collaborative and the Cancer Neuroscience Program at the University of Texas MD Anderson Cancer Center. He also is an adjunct with the University of California, San Francisco.

Brain science and technology

● Behnaam Aazhang is the J.S. Abercrombie Professor of Electrical and Computer Engineering and director of the Neuroengineering Initiative. Aazhang’s research interests are focused on developing noninvasive tools to interface with neurological systems that examine neuronal circuit connectivity through the study of processes such as learning, sleep, seizures and more. His work includes projects dedicated to the development of minimally and noninvasive real-time neuromodulation systems to mitigate disorders such as epilepsy, Parkinson’s disease, depression, obesity and mild traumatic brain injury.

● Valentin Dragoi’s work examines how networks of cortical neurons encode information and how this process influences behavioral decisions in real time using a combination of electrophysiological, behavioral and computational methods. Dragoi is a professor of electrical and computer engineering at Rice, the Rosemary and Daniel J. Harrison III Presidential Distinguished Chair in Neuroprosthetics at Houston Methodist and professor of neuroscience at Weill Cornell Medical College. He also serves as scientific director of the CNSR.

● Caleb Kemere, an associate professor of electrical and computer engineering and bioengineering at Rice, develops novel hardware and machine learning algorithms to understand how information is processed, stored and retrieved in vivo in the mammalian brain. In particular, a key area of Kemere’s focus is to understand how the activity of neural circuits during sleep and other offline periods helps to create stable, useful memories.

● Marcia O’Malley, Rice’s Thomas Michael Panos Family Professor in Mechanical Engineering, researches haptics and robotics with a focus on the design and control of wearable robotic devices for training and rehabilitation from injury such as a stroke. Forging new ways to leverage human-robot collaboration, O’Malley has led the development of robotic hardware and control systems for applications such as skill training in virtual reality; control of remote robots; communication; and movement assistance for workforce safety, dexterity and strength enhancement.

● Jacob Robinson is a professor of electrical and computer engineering and bioengineering at Rice and founder and CEO of Motif Neurotech, a startup focused on developing therapeutic brain-computer interface (BCI) technologies to measure and regulate mental and cognitive states beginning with treatment-resistant depression. Robinson’s research efforts inform the development of next-generation implantable BCIs with improved performance and reduced surgical risk.

● Jerzy Szablowski, assistant professor of bioengineering, works on technologies to noninvasively control and monitor specific brain circuits without wearable or implanted devices. His technologies include synthetic serum markers that can monitor gene expression in the brain with a simple blood test, designer vectors for noninvasive gene delivery to the brain and site-specific therapeutics that can control selected brain circuits to avoid side effects associated with current brain therapies.

Brain health in the workplace

● Margaret Beier, professor and department chair of psychological sciences, examines how motivational and situational components and traits such as cognitive ability and personality are related to intellectual development throughout the lifespan with a current focus on workplace aging and continuous employment. Beier also studies predictors of performance in achievement settings and achievement-related choices throughout the career lifespan.

● Rebecca Brossoit is an assistant professor of psychological sciences whose research examines the health, safety and well-being of working populations. Brossoit studies employee sleep, organizational strategies and interventions for improving employees’ lives at work and home and the impacts of the built and natural environment on employee well-being.

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Jing Zhou

Creativity, innovation and organizational behavior

● Jing Zhou is deputy dean of academic affairs for the Jones Graduate School of Business and the Mary Gibbs Jones Professor of Management and Psychology. Her research interests are leading innovation; contextual and personal factors that facilitate or inhibit creativity and innovation; creativity receiving; consequences of creativity; cross-cultural differences in antecedents and consequences of creativity; and creativity in entrepreneurship.

To schedule an interview with any of Rice’s experts on brain-related topics, contact Silvia Cernea Clark, media relations specialist, at sc220@rice.edu, or Chris Stipes, executive director of news and media relations, at chris.stipes@rice.edu.

 

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